Ethereum 2.0

The creator and co-founder of Ethereum, Vitalik Buterin spoke recently in a keynote at Devcon4 in Prague. He spoke about a lot of things, but he also revealed the path forward for “Ethereum 2.0” as he called it. Others may know it as Serenity and the project is in the workshop since 2014. Serenity should bring harmony, new features and solutions to Ethereum’s ecosystem. It’s something the whole cryptocurrency community is expecting.

Ethereum 2.0 is the next upgrade

Since 2014, the Ethereum community and developers were speculating on when will Ethereum 2.0 be ready. Ethereum 2.0 release date was even pushed back so they can sort out every technical issue. The Serenity upgrade will transition Ethereum from a Proof-of-Work to a Proof-of-Stake consensus algorithm. Casper will bring scalability upgrades and will solve some of Ethereum’s scalability issues with Sharding and many more. Vitalik Buterin said during the keynote:

“Ethereum 2.0 combines a lot of different features that we have been talking about, researching and actively building for several years. They are finally about to come together in one cohesive whole.”

Vitalik Buterin didn’t say when the project will release, but referred to it as “really not so far away”. At Devcon4, a new model for Initial Coin Offerings was introduced that will allegedly protect ICO investors from scams.

Before the Ethereum 2.0 implementation, developers will make further changes so everything goes smoothly. Some of these changes are protocol stabilization specifications and testnets that are cross-client. These testnets will integrate two or more implementations of Ethereum 2.0. Vitalik added that he wants everything to be perfect, because he learned from many Ethereum 1.0 mistakes.

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